Growing Adoption of RFID Technology across Numerous Industry Verticals to Drive the RFID Readers Market
The overall RFID readers market expected to demonstrate double digit CAGR during the forecast period from 2018 to 2026, up from US$ 2,755.3 Mn in 2017. RFID technology has emerged among the most revolutionary elements across numerous applications including retail, industrial manufacturing, transportation, supply chain management, healthcare and various others. Due to its ease of use, reliability and greater detection range, RFID technology has witnessed profound penetration across numerous industry verticals, thereby emerging as replacement for barcodes. Thus, with growing penetration of RFID technology worldwide, the demand for RFID readers is expected to remain strong over the forecast period. RFID readers segment accounts for over 1/4th of the overall RFID market. The market is primarily dependent on retail, manufacturing and transportation & logistics sectors contributing to nearly 80% of the total market value worldwide. Consistent growth across the retail and transportation & logistics sectors, especially in Asia Pacific, is set to ensure promising market growth over the forecast period.
Market Synopsis
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Handheld RFID Readers to Continue Dominance throughout the Forecast Period
Handheld RFID readers segment, contributing to over 2/3rd of the total market value generated worldwide, leads the RFID readers market. Handheld RFID readers are prominently used in retail, warehouses, transportation and various other industrial sectors. In addition, healthcare too is among the most promising end-users of RFID technology, thereby supporting the demand for handheld RFID readers. These readers are cheaper and offer immense convenience as compared to their fixed counterparts. Due to low cost of these readers, end-users prefer installing more number of handheld readers rather than installing single, high cost fixed reader. As a result, the segment would continue its dominance in the market throughout the forecast period.
Rising Industrial & Retail Sectors to Ensure High Market Share for Asia Pacific
In 2017, Asia Pacific held the largest share, in terms of value, in the overall RFID readers market accounting for over 40% of the global market value. Asia Pacific is home to the most promising retail sector across the world, exhibiting approximately 5% growth rate every year since 2015. Additionally, growing manufacturing capacity across various industrial sectors is expected to ensure higher demand for RFID readers in the region. Another major factor expected to support the market growth is government programs in countries such as China, Japan, India, Singapore and Malaysia aimed at effective personnel identification. North America and Europe follow the Asia Pacific region in the global RFID readers market. Apart from retail and warehouses, RFID readers are now increasingly finding applications in personnel identification, pharmaceutical and healthcare
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industries.
New Product Development for Serving Multiple End-use Verticals to Remain the Key Strategy
The overall RFID readers market is highly competitive in nature with major market players having emphasis on product enhancement. Due to continued adoption of across different verticals such as warehouses, healthcare and others, RFID technology has witnessed immense advancement over the period. In recent years, RAIN RFID has been gaining rapid traction owing to their advantages over conventional RFID systems. For instance, in June 2017, Impinj, Inc. introduced a new fixed RFID reader called Speedway R120 based on RAIN RFID technology. The new reader is designed for applications including retail, logistics, healthcare and manufacturing. Major players profiled in the market include Zebra Technologies Corporation, Impinj, Inc., Alien Technology Corporation, Invengo Technology Pte. Ltd., Xerox Corporation, Honeywell Safety and Productivity Solutions, GAO RFID, Inc., Datalogic S.p.A., CipherLab Co., Ltd., ThinkMagic (Trimble), Technology Solutions UK Ltd. (TSL) and others.
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